Foodservice

Tyson Foods reports sliding sales, earnings for Q4, FY 2023

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November 13, 2023

Tyson Foods Inc. reported falling sales and earnings for Q4 and FY 2023, according to an earnings report.

Highlights include:

• Sales fell 2.8% from $13.74 billion in Q4 2022 to $13.35 billion in the quarter ending Sept. 30, 2023.
• Net income fell from $537 million to a $443 million loss in the comparative quarters.
• Class A basic net income per share fell from $1.54 to a $1.31 loss.
• Diluted income per share fell 187% from $1.50 to a $1.31 loss.
• Adjusted EPS fell 77% to 37 cents.
• Beef sales rose from $4.86 billion to $5.03 billion.
• Pork sales fell from $1.62 billion to $1.49 billion.
• Chicken sales fell from $4.62 billion to $4.15 billion.
• Prepared foods sales fell from $2.52 billion to $2.5 billion.
• International/other sales fell from $638 million to $636 million.
• Full year sales fell 0.8% from $53.3 billion to $52.88 billion.
• Full year income fell from $3.25 billion to a $649 million loss.
• Full year GAAP EPS fell 121% to $1.87.
• Full year adjusted EPS fell 85% to $1.34.

Shares traded today at $46.34 against a 52-week range of $44.94 to $74.07.

The $13.35 billion in quarterly revenue missed analyst expectations by $370 million while the non-GAAP EPS of 37 cents beat expectations by 12 cents, according to Seeking Alpha.

"While economic headwinds persist, we are moving in the right direction and managing what we can control," Donnie King, president and CEO, said in a press release. "The decisions we have taken have made us more operationally efficient and aided a second quarter of sequential improvement in adjusted operating income."